TPSA Q4 profits exceed expectations

Telekomunikacja Polska SA, Central Europe's largest listed company, swung to a net profit for the fourth quarter of 2002 that topped analysts' forecasts, after shedding a quarter of its workers. TPSA, part-owned and fully co nsolidated by France Telecom, posted a net profit of zl. 622 million ($158 million) for the period from October to December, above an expected zl. 504 million. TPSA's annual net profit grew to zl. 840 million against an e xpected zl. 771 million and the previous year's zl. 686 million. In the fourth quarter of 2001, TPSA created zl. 750 million in restructuring provisions, pushing it to a zl. 137 million net loss. The TPSA group shed 15,737 jobs last year, or 26% of its workforce, to help it cope with s tagnant revenue in its core fixed-line market. Full-year operating profits reached zl. 2.87 billion, below expectations of zl. 3.17 billion but well above the zl. 2.03 billion achieved in 2001, TPSA said in its financial report, compiled according to Polish Accounting Standards. (Reuters) A.C.